Capital Gain Distribution Analysis

UBVAX - Managers

Russell J. Fuller

Lead Manager

Start Date

Dec 28, 1998

Tenure

19.18

Tenure Rank

1.8%

Dr. Fuller is founder and president of the firm and oversees its research and investment activities. He founded the firm in 1993 and has over 48 years of investment experience. His four-decade long experience spans academic research to investment management. Prior to establishing Fuller & Thaler, he worked at two investment management firms, and began his investment career as a security analyst with a brokerage firm that later merged with Paine Webber. In the academic field, his last position was Chairman of the Finance Department at Washington State University. He has also held positions at the University of British Columbia, Canada, and the University of Auckland, New Zealand. Dr. Fuller has published an investment textbook and numerous journal articles. He has served on the editorial board for the Financial Analysts Journal and is currently on the advisory board for the Journal of Portfolio Management. Dr. Fuller received the Graham & Dodd award from the Association for Investment Management and Research for his paper entitled “Predictability Bias.” He has served on the Board of Directors of the CFA Society of San Francisco and in 2006 was presented with their Distinguished Member Award in appreciation of his leadership and dedication to the financial community. He also served as an officer in the United States Army from 1967 to 1970 where he was awarded the US Bronze Star and the Cross of Gallantry. Dr. Fuller received a BA, MBA and PhD (in finance) from the University of Nebraska, and he holds the Chartered Financial Analyst designation. He is an owner of the firm and Chairman of the Board of Directors.

David M. Potter

Manager

Start Date

Aug 01, 2005

Tenure

12.59

Tenure Rank

4.9%

Mr. Potter is the Lead Portfolio Manager responsible for the Small Cap Value strategy at Fuller & Thaler. He has been with the firm since 2005 and has over 21 years of financial industry experience. Prior to joining Fuller & Thaler, he was a Vice President at Goldman Sachs. Previously, he was a proprietary trader at Scotia Capital Markets. Mr. Potter received his BA (honors) in Economics and Finance from McGill University in Montreal and MBA (honors) in Finance from the University of Chicago. He holds the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco. Mr. Potter is an owner of the firm and a member of the Board of Directors.